Transcript Chapter 10

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Small Business Promotion:
Capturing the Eyes of Your Market
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Need for Promotion
• Does your target market know you exist?
– Advertise and actively promote your business
before you can expect inquiries
Basics
• Value proposition: small business owners’
unique selling points that will be used to
differentiate their products / services
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• Value proposition: cont.
– For (target customer)
– Who (statement of the need or opportunity)
– The (retail business name) is a (product or
service category)
– That (statement of key benefit)
– Unlike (primary competitive alternative)
– Our business (statement of primary
differentiation)
– Is available (where)
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Segmenting Your Market
• Segmentation is the process of dividing the
market into smaller portions of people who have
certain common characteristics
• Target market – the segment or segments you
select on which to concentrate your marketing
efforts
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Segmenting Your Market
• Dividing the market can be done several ways:
– Geographically
– Demographically
– By the benefits sought
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Crafting Your Message
• How can you get the attention of your
potential customer?
• If a potential customer sees or hears your
message and walks away with only one
thought about your firm, your product, or
your service, what do you want it to be?
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Crafting Your Message cont.
• Message should combine the elements of your
product or service’s value proposition with the
needs of your target customer
• Need to decide the voice or tone of you
message
– i.e. humor, fear, patriotism, collegiality, etc.
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Crafting Your Message cont.
• Effective messages are succinct messages
• Succinct Message – Your key point in as few
and as memorable words as possible
– Ex. Mary Kay’s slogan – “Enriching women’s
lives”
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Example
Relating to Customers
• Message must be personal and informative to
directly connect with your audience
• Your ability to deliver powerful and succinct
messages is one of the most essential
components of your business
• 4 Tips to improve your message:
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Sharpen your message through ruthless editing
Make all communication two-way
Use stories or mental pictures to communicate
Increase understanding through repetition
http://www.entrepreneur.com/sales/customerservice/article160252.html
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Conveying Your Message
• Determine the audience that would care about
your value proposition and message
– Work on how you may want to convey the
message
• Promotional Mix – how much of each message
conveyance you will use to sell your product as
well as your objective in using each one
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• How to convey the message:
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Advertisements
Brochures
Web sites
Business cards
Business stationery
Post flyers
Word of Mouth
Buzz Marketing
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• Publicity:
– Press kits: should include product or service
brochures, press releases, biographies on
you and key employees, photos or digital
images
– Write articles
– Pitch the idea as a story to a newspaper or
magazine
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• Advertising: method of conveying your
messages to you target audience
– hard to discern feedback
– Can be done in print ads in newspapers,
magazines, etc.
• Sales Promotions: Form of
communication that encourages the
customer to act immediately
– Coupons, sales, or contests
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• Web sites: customer search on the Internet
– Useful as a cost-effective way of gaining new
clients and keeping current customers
– Needs unique keyword and description tags
• SEO Marketing
• Referrals and word-of-mouth:
– Offer incentives for referrals that turn into
business
– Create a referral form and send it to clients with
invoice
– Ask prospects who have turned you down
– Tap your suppliers for leads
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• Buzz Marketing: word-of-mouth marketing
• Commonly passed along electronically
– Viral marketing: any electronic equivalent of
word-of-mouth advertising, in which the
advertiser’s message spreads quickly and
widely via e-mail, Web Site, blogs, and other
online tools
– http://www.tengoldenrules.com
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Example
Harmful Hype?
• In buzz marketing, honesty is key
• President of The Geek Factory, a New York City
PR firm that creates buzz marketing campaigns,
warns marketers to be careful when trying to
create buzz
– could lead people to trash your company’s name
all over the internet or even make your efforts
sound disingenuous, prompting customers,
prospects and even the media to lose interest
• Find people who are fans of what you do and
encourage them to tell their stories to others who
will probably like what you do
http://www.entrepreneur.com/magazine/entrepreneur/2006/october/167790.html
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Personal Selling
• Important technique for small business owner
• Benefits of personal selling:
– Craft your product or service message to answer a
customer’s specific questions or needs
– Gain information on how to make product better
– Gain personal information about potential customer
– Direct your focus on the most promising potential
sales
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Process of Personal Selling
1. Prospect and evaluate
2. Prepare
3. Present
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Hold the prospect’s attention
Stimulate interest
Stir up desire
4. The close: ask prospects to buy your product
5. The follow-up
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Succeeding after the Sale
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Research shows it costs five times as much to
get a purchase from a new customer
compared to an existing one
Customer relationship management (CRM):
The process of tracking the customer’s
different contacts with the firm, and using this
data to help improve sales as well as the
customer’s experience
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Strategies of CRM
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Steps in CRM
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Step 1: Gathering the data
Step 2: Analyzing the data
Step 3: Delivering CRM-driven marketing
efforts to increase sales
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Press Relations Program
• Activities used to establish and promote a
favorable opinion by the media
• Public relations is effective in helping to build
the foundation
• Advertising acts as a supportive maintenance
program
• Press Release: a written announcement
intended to draw news media attention to a
specific event
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Basics of Press Release
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Attention – catchy headline
Interest – pique their interest
Desire – details of opening information
Action – contact information
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• Resources for e-mailing press releases
– ABYZ News Links
• 17,200+ newspapers
• http://www.abyznewslinks.com
– Gebbie Press
• http://www.gebbieinc.com
– American Journalism Review
• http://www.ajr.org
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Press Release
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• What is Newsworthy?
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Public recognition
Trendiness
Famous faces
Proximity
Currency
– Public interest
– Good story
– Human interest
– Visuals
– Cultural resonance
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• Generating publicity
– Write or provide materials:
• Exclusive articles, photos, or columns
• Produce public service announcements
• Produce your own program or short feature
for the broadcast media
• Include your products as props
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• Generating publicity: cont.
– Conduct interviews:
• Local TV talk shows or radio call-in shows
• Professional spokesperson
– Stage events:
• Educate the media: holding a seminar
• Become involved in charitable events
• Offer your products as prizes at events
• Sponsor or financially support awards
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